First Horizon Advisors Inc. Reduces Holdings in Medtronic plc (NYSE:MDT)

First Horizon Advisors Inc. lowered its stake in shares of Medtronic plc (NYSE:MDT - Free Report) by 83.2% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 26,751 shares of the medical technology company's stock after selling 132,466 shares during the period. First Horizon Advisors Inc.'s holdings in Medtronic were worth $2,409,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Lake Street Advisors Group LLC bought a new position in Medtronic during the first quarter valued at $498,000. CreativeOne Wealth LLC raised its stake in Medtronic by 31.3% in the first quarter. CreativeOne Wealth LLC now owns 5,456 shares of the medical technology company's stock valued at $475,000 after purchasing an additional 1,300 shares in the last quarter. Freestone Capital Holdings LLC raised its position in Medtronic by 3.0% during the first quarter. Freestone Capital Holdings LLC now owns 24,350 shares of the medical technology company's stock valued at $2,122,000 after purchasing an additional 708 shares in the last quarter. Axxcess Wealth Management LLC raised its stake in shares of Medtronic by 8.7% during the first quarter. Axxcess Wealth Management LLC now owns 27,536 shares of the medical technology company's stock worth $2,400,000 after acquiring an additional 2,194 shares in the last quarter. Finally, Envoi LLC purchased a new stake in Medtronic during the 1st quarter valued at about $26,145,000. Hedge funds and other institutional investors own 82.06% of the company's stock.

Medtronic Stock Performance

Shares of Medtronic stock traded up $0.68 during trading hours on Thursday, reaching $84.79. 1,186,616 shares of the stock traded hands, compared to its average volume of 6,251,018. Medtronic plc has a one year low of $75.96 and a one year high of $92.68. The company has a 50 day moving average price of $89.17 and a 200 day moving average price of $84.84. The firm has a market capitalization of $108.74 billion, a price-to-earnings ratio of 25.86, a P/E/G ratio of 2.42 and a beta of 0.84. The company has a quick ratio of 1.61, a current ratio of 1.84 and a debt-to-equity ratio of 0.51.

Medtronic (NYSE:MDT - Get Free Report) last issued its earnings results on Tuesday, November 19th. The medical technology company reported $1.26 earnings per share for the quarter, topping the consensus estimate of $1.25 by $0.01. Medtronic had a net margin of 13.00% and a return on equity of 13.79%. The company had revenue of $8.40 billion during the quarter, compared to the consensus estimate of $8.27 billion. During the same quarter in the prior year, the firm posted $1.25 EPS. Medtronic's quarterly revenue was up 5.2% compared to the same quarter last year. On average, equities research analysts expect that Medtronic plc will post 5.46 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on MDT. Piper Sandler increased their target price on shares of Medtronic from $85.00 to $90.00 and gave the stock a "neutral" rating in a report on Wednesday, August 21st. Sanford C. Bernstein boosted their price objective on shares of Medtronic from $96.00 to $97.00 and gave the stock an "outperform" rating in a research note on Wednesday. Daiwa America raised shares of Medtronic to a "strong-buy" rating in a research note on Friday, August 23rd. Barclays boosted their price target on Medtronic from $104.00 to $105.00 and gave the stock an "overweight" rating in a research report on Thursday, August 22nd. Finally, UBS Group upgraded Medtronic from a "sell" rating to a "neutral" rating and lifted their price objective for the company from $76.00 to $90.00 in a research note on Thursday, August 15th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Medtronic currently has an average rating of "Hold" and an average target price of $95.19.

Medtronic Profile

Medtronic plc develops, manufactures, and sells device-based medical therapies to healthcare systems, physicians, clinicians, and patients worldwide. Its Cardiovascular Portfolio segment offers implantable cardiac pacemakers, cardioverter defibrillators, and cardiac resynchronization therapy devices; cardiac ablation products; insertable cardiac monitor systems; TYRX products; and remote monitoring and patient-centered software.